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LifeLock Announces 2014 Second Quarter Results

LifeLock, Inc. (NYSE: LOCK), an industry leader in identity theft protection, today announced financial results for the second quarter ended June 30, 2014.

Second Quarter 2014 Financial Highlights:

  • Revenue: Total revenue was $115.7 million for the second quarter of 2014, up 29% from $89.5 million for the second quarter of 2013. Consumer revenue was $109.3 million for the second quarter of 2014, up 32% from $82.6 million for the second quarter of 2013. Enterprise revenue was $6.4 million for the second quarter of 2014, compared with $6.9 million for the second quarter of 2013.
  • Net Loss: Net loss was $2.8 million for the second quarter of 2014, compared with net loss of $2.1 million for the second quarter of 2013. Net loss per diluted share was $0.03 for the second quarter of 2014 based on 92.5 million weighted-average shares outstanding, compared with net loss per diluted share of $0.02 for the second quarter of 2013 based on 87.5 million weighted-average shares outstanding.
  • Adjusted Net Income: Adjusted net income was $4.6 million for the second quarter of 2014, compared with an adjusted net income of $3.2 million for the second quarter of 2013. Adjusted net income per diluted share was $0.05 for the second quarter of 2014 based on 97.9 million weighted-average shares outstanding, compared with an adjusted net income of $0.03 per diluted share for the second quarter of 2013 based on 94.9 million weighted-average shares outstanding.
  • Adjusted EBITDA: Adjusted EBITDA was $6.7 million for the second quarter of 2014, compared with $4.6 million for the second quarter of 2013.
  • Cash Flow: Cash flow from operations was $27.7 million for the second quarter of 2014, leading to free cash flow of $24.0 million after taking into consideration $3.7 million of capital expenditures. This compares with cash flow from operations of $20.8 million and free cash flow of $18.4 million, after taking into consideration $2.4 million of capital expenditures, for the second quarter of 2013.
  • Balance Sheet: Total cash and marketable securities at the end of the second quarter of 2014 was $216.0 million, up from $191.2 million at the end of the first quarter of 2014.

“Our business performed strongly again in the second quarter,” said Todd Davis, LifeLock’s Chairman and CEO. “In addition, we launched a significant expansion of our product portfolio that we believe will provide additional value for our members, further differentiating our products in the market and expanding our lead versus our competitors in the legacy credit monitoring space.”

A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Second Quarter 2014 & Recent Business Highlights:

  • Launched the next evolution in our service suite with the release of LifeLock Standard, LifeLock Advantage, and LifeLock Ultimate Plus. With our LifeLock Ultimate Plus offering, LifeLock is now the only identity theft company that can monitor across its network to provide alerts across a more complete cross-section of consumers’ financial lives including credit cards, checking, savings, and investment accounts.
  • Recorded the 37th consecutive quarter of sequential growth in revenue and cumulative ending members.
  • Added approximately 304,000 gross new members in the second quarter of 2014 and ended the quarter with approximately 3.39 million members.
  • Achieved a retention rate of 87.2% for the second quarter of 2014, compared with 87.4% for the second quarter of 2013.
  • Increased monthly average revenue per member to $10.99 for the second quarter of 2014 from $10.18 for the second quarter of 2013.

Guidance:

As of July 30, 2014, we are initiating guidance for our third quarter of 2014 as well as updating our guidance for the full year 2014.

  • Third Quarter 2014 Guidance: Total revenue is expected to be in the range of $119 million to $121 million. Adjusted net income per share is expected to be in the range of $0.14 to $0.15 based on approximately 100 million fully diluted weighted-average shares outstanding. Adjusted EBITDA is expected to be in the range of $16 million to $17 million.
  • Full Year 2014 Guidance: Total revenue is expected to be in the range of $466 million to $471 million. Adjusted net income per share is expected to be in the range of $0.44 to $0.48 based on approximately 99 million fully diluted weighted-average shares outstanding and a cash tax rate of 5%. Adjusted EBITDA is expected to be in the range of $52 million to $56 million. Free cash flow is expected to be in the range of $80 million to $84 million.

Conference Call Details:

  • What: LifeLock second quarter 2014 financial results.
  • When: Wednesday, July 30, 2014 at 2PM PT (5PM ET).
  • Dial in: To access the call in the United States, please dial (877) 407-3982, and for international callers dial (201) 493-6780. Callers may provide confirmation number 13586017 to access the call more quickly, and are encouraged to dial into the call 10 to 15 minutes prior to the start to prevent any delay in joining.
  • Webcast: http://investor.lifelock.com/ (live and replay)
  • Replay: A replay of the call will be available via telephone for seven days, beginning two hours after the call. To listen to the telephone replay in the United States, please dial (877) 870-5176, and for international callers dial (858) 384-5517 and enter access code 13586017.

About LifeLock

LifeLock, Inc. (NYSE:LOCK) is a leading provider of proactive identity theft protection services for consumers and fraud and risk solutions for enterprises. LifeLock’s threat detection, proactive identity alerts, and comprehensive remediation services help provide some peace of mind for consumers amid the growing threat of identity theft. Leveraging unique data, science and patented technology from ID Analytics, Inc., a wholly owned subsidiary, LifeLock offers identity theft protection that goes significantly beyond credit monitoring. As part of its commitment to help fight identity theft, LifeLock works to train law enforcement and partners with a variety of non-profit organizations to help consumers establish positive habits to combat this threat.

Forward-Looking Statements

This press release contains “forward-looking” statements, as that term is defined under the federal securities laws, including statements regarding the expansion of our product portfolio, and our expected total revenue, adjusted net income per share, adjusted EBITDA, and free cash flow for the third quarter of 2014 and for fiscal year 2014. These forward-looking statements are based on our current assumptions, expectations, and beliefs and are subject to substantial risks, uncertainties, assumptions, and changes in circumstances that may cause our actual results, performance, or achievements to differ materially from those expressed or implied in any forward-looking statement.

The risks and uncertainties referred to above include, but are not limited to, risks associated with our ability to maintain profitability on an annual basis; our ability to protect our customers’ confidential information; our ability to maintain and enhance our brand recognition and reputation; the competitive nature of the industries in which we conduct our business; our ability to maintain access to data sources; our ability to retain our existing customers and attract new customers; our ability to improve our services and develop and introduce new services with broad appeal; our ability to maintain existing and secure new relationships with strategic partners; the effects of laws, regulations, and enforcement; the outcome of any litigation or regulatory proceeding; our ability to protect our intellectual property and not infringe on the intellectual property of others; and other “Risk Factors” set forth in our most recent filings with the Securities and Exchange Commission (the “SEC”).

Further information on these and other factors that could affect our financial results and the forward-looking statements in this press release is included in the filings we make with the SEC from time to time, including our Form 10-K for the year ended December 31, 2013, particularly under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Copies of these documents may be obtained by visiting our Investor Relations website at http://investor.lifelock.com/ or the SEC's website at www.sec.gov.

We assume no obligation and do not intend to update these forward-looking statements, except as required by law.

Non-GAAP Financial Measures

Our reported results include certain non-GAAP financial measures, including adjusted net income, adjusted net income per share, adjusted EBITDA, and free cash flow. We calculate adjusted net income as net income (loss) excluding amortization of acquired intangible assets, share-based compensation, income tax benefits and expenses resulting from changes in our deferred tax assets, and acquisition related expenses. Historically, in calculating adjusted net income, we also excluded changes in fair value of warrant liabilities and changes in fair value of embedded derivatives in the periods in which those items occurred. We do not currently have any warrant liabilities or embedded derivatives. Accordingly, we will only include those items of income and expense in our reconciliation of adjusted net income for period-over-period comparisons. We calculate adjusted net income per share by dividing our adjusted net income by the weighted-average diluted shares outstanding. We calculate adjusted EBITDA as net income (loss) excluding depreciation and amortization, share-based compensation, interest expense, interest income, other income (expense), income tax (benefit) expense, and acquisition related expenses. Historically, in calculating adjusted EBITDA, we also excluded changes in fair value of warrant liabilities and changes in fair value of embedded derivatives in the periods in which those items occurred. We do not currently have any warrant liabilities or embedded derivatives. Accordingly, we will only include those items of income and expense in our reconciliation of adjusted EBITDA for period-over-period comparisons. We define free cash flow as net cash provided by (used in) operating activities less net cash used in investing activities for acquisitions of property and equipment.

We have included adjusted net income, adjusted net income per share, and adjusted EBITDA in this press release because they are key measures used by us to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget, and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating adjusted net income and adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, adjusted EBITDA is a key financial measure used in determining management’s incentive compensation.

We have included free cash flow in this press release because we believe it typically presents a more conservative measure of cash flow as purchases of property and equipment are necessary components of ongoing operations. We believe that this non-GAAP financial measure is useful in evaluating our business because free cash flow reflects the cash surplus available to fund the expansion of our business after payment of capital expenditures relating to the necessary components of ongoing operations. We also believe that the use of free cash flow provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.

Although adjusted net income, adjusted EBITDA, and free cash flow are frequently used by investors in their evaluations of companies, these non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered alongside other financial performance measures.

We have not reconciled adjusted net income per share guidance to net income per share guidance or adjusted EBITDA guidance to net income guidance because we do not provide guidance for share-based compensation expense, provision for income taxes, interest income, interest expense, change in fair value of warrant liabilities, change in fair value of embedded derivatives, other income and expenses, depreciation expense, amortization of intangible assets, acquisition expenses, or income tax (benefit) expense, which are reconciling items between net income (loss) and adjusted net income and net income (loss) and adjusted EBITDA. As items that impact net income (loss) are out of our control and/or cannot be reasonably predicted, we are unable to provide such guidance. Accordingly, reconciliation to net income (loss) is not available without unreasonable effort. For a reconciliation of historical non-GAAP financial measures to the nearest comparable GAAP measures, see the reconciliation tables included in this press release.

           

LifeLock, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(Unaudited)

 
Three Months Ended

June 30,

Six Months Ended

June 30,

2014   2013 2014   2013
Revenue
Consumer revenue $ 109,338 $ 82,574 $ 210,333 $ 157,667
Enterprise revenue   6,375     6,946     12,966     13,947  
Total revenue 115,713 89,520 223,299 171,614
Cost of services   29,536     25,227     59,603     49,031  
Gross profit 86,177 64,293 163,696 122,583
Costs and expenses:
Sales and marketing 58,774 43,248 115,621 85,041
Technology and development 13,524 10,370 26,672 19,394
General and administrative 16,329 10,900 30,301 20,323
Amortization of acquired intangible assets   2,231     1,966     4,462     3,932  
Total costs and expenses   90,858     66,484     177,056     128,690  
Loss from operations (4,681 ) (2,191 ) (13,360 ) (6,107 )
Other income (expense):
Interest expense (88 ) (79 ) (175 ) (146 )
Interest income 56 26 116 46
Other   (6 )   -     (17 )   (4 )
Total other expense   (38 )   (53 )   (76 )   (104 )
 
Loss before provision for income taxes (4,719 ) (2,244 ) (13,436 ) (6,211 )
Income tax benefit   (1,919 )   (179 )   (5,467 )   (29 )
 
Net loss $ (2,800 ) $ (2,065 ) $ (7,969 ) $ (6,182 )
 
Net loss per share:
Basic $ (0.03 ) $ (0.02 ) $ (0.09 ) $ (0.07 )
Diluted $ (0.03 ) $ (0.02 ) $ (0.09 ) $ (0.07 )
Weighted-average common shares outstanding used in computing net loss per share:
Basic 92,471 87,533 92,189 87,089
Diluted 92,471 87,533 92,189 87,089
 
           

LifeLock, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(Unaudited)

 
June 30, December 31,
2014 2013
Assets
Current assets:

 

Cash and cash equivalents $ 166,650 $ 123,911
Marketable securities 49,385 48,688
Trade and other receivables, net 12,087 10,906
Deferred tax asset, net 18,585 13,117
Prepaid expenses and other current assets   8,426     6,961  
Total current assets 255,133 203,583
Property and equipment, net 20,604 16,504
Goodwill 159,342 159,342
Intangible assets, net 42,751 47,213
Deferred tax asset, net – non-current 34,796 34,796
Other non-current assets   1,307     1,812  
Total assets $ 513,933   $ 463,250  
 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 4,748 $ 2,422
Accrued expenses and other liabilities 42,638 34,926
Deferred revenue   148,817     119,106  
Total current liabilities 196,203 156,454
Other non-current liabilities   5,927     4,640  
Total liabilities 202,130 161,094
Commitments and contingencies
Stockholders’ equity:
Common stock 92 91
Additional paid-in capital 487,240 469,636
Accumulated other comprehensive loss (6 ) (18 )
Accumulated deficit   (175,523 )   (167,553 )
Total stockholders’ equity   311,803     302,156  
Total liabilities and stockholders’ equity $ 513,933   $ 463,250  
 
       

LifeLock, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

 
Six Months Ended

June 30,

2014     2013
Operating activities
Net loss $ (7,969 ) $ (6,182 )

Adjustments to reconcile net loss to net cash provided by
operating activities:

Depreciation and amortization 8,165 6,360
Share-based compensation 12,521 6,261
Provision for doubtful accounts 300 95
Amortization of premium on marketable securities 732 -
Deferred income tax benefit (5,468 ) (212 )
Other 2 4
Changes in operating assets and liabilities:
Trade and other receivables (2,189 ) (3,244 )
Prepaid expenses and other current assets (1,465 ) (470 )
Other non-current assets 505 432
Accounts payable 2,052 (134 )
Accrued expenses and other liabilities 7,828 3,179
Deferred revenue 29,711 25,089
Other non-current liabilities   1,288     2,408  
Net cash provided by operating activities 46,013 33,586
 
Investing activities
Acquisition of property and equipment (7,662 ) (3,652 )
Purchases of marketable securities (19,662 ) -
Maturities of marketable securities   18,990     -  
Net cash used in investing activities (8,334 ) (3,652 )
 
Financing activities
Proceeds from share-based compensation plans 5,501 5,753
Payments for employee tax withholdings related to restricted stock (441 ) -
Payments for debt issuance costs   -     (440 )
Net cash provided by financing activities   5,060     5,313  
Net increase in cash and cash equivalents 42,739 35,247
Cash and cash equivalents at beginning of period   123,911     134,197  
Cash and cash equivalents at end of period $ 166,650   $ 169,444  
 
           

Share-Based Compensation

(in thousands)

(Unaudited)

 
Three Months Ended
June 30,
Six Months Ended
June 30,
2014   2013 2014   2013
Cost of services $ 489 $ 206 $ 832 $ 412
Sales and marketing 1,309 386 2,203 719
Technology and development 1,942 824 3,915 1,339
General and administrative   3,306   2,121   5,571   3,791
Total share-based compensation $ 7,046 $ 3,537 $ 12,521 $ 6,261
 
             

Key Financial and Operating Metrics

(in thousands except percentages and per member data)

(Unaudited)

 
Three Months Ended
June 30,
Six Months Ended
June 30,
2014   2013 2014 2013
 
Revenue
Consumer revenue $ 109,338 $ 82,574 $ 210,333 $ 157,667
Enterprise revenue   6,375     6,946     12,966     13,947  
Total revenue $ 115,713 $ 89,520 $ 223,299 $ 171,614
Adjusted net income $ 4,560 $ 3,226 $ 3,546 $ 3,799
Adjusted EBITDA $ 6,669 $ 4,635 $ 7,326 $ 6,514
Free cash flow $ 23,962 $ 18,424 $ 38,351 $ 29,934
Cumulative ending members 3,388 2,760 3,388 2,760
Gross new members 304 230 648 480
Member retention rate 87.2 % 87.4 % 87.2 % 87.4 %
Average cost of acquisition per member $ 183 $ 175 $ 169 $ 165
Monthly average revenue per member $ 10.99 $ 10.18 $ 10.90 $ 10.00
Enterprise transactions 54,547 48,325 107,256 106,808
 
           

Reconciliation of GAAP to Adjusted Results

(in thousands, except per share amounts)

(Unaudited)

 
Three Months Ended
June 30,
Six Months Ended
June 30,
2014   2013 2014   2013

Reconciliation of Gross Profit to Adjusted Gross
Profit

Gross profit $ 86,177 $ 64,293 $ 163,696 $ 122,583
Share-based compensation   489     206     832     412  
Adjusted gross profit $ 86,666   $ 64,499   $ 164,528   $ 122,995  
 

Reconciliation of Sales and Marketing Expenses to
Adjusted Sales and Marketing Expenses

Sales and marketing expenses $ 58,774 $ 43,248 $ 115,621 $ 85,041
Share-based compensation   (1,309 )   (386 )   (2,203 )   (719 )
Adjusted sales and marketing expenses $ 57,465   $ 42,862   $ 113,418   $ 84,322  
 

Reconciliation of Technology and Development
Expenses to Adjusted Technology and
Development Expenses

Technology and development expenses $ 13,524 $ 10,370 $ 26,672 $ 19,394
Share-based compensation   (1,942 )   (824 )   (3,915 )   (1,339 )
Adjusted technology and development expenses $ 11,582   $ 9,546   $ 22,757   $ 18,055  
 

Reconciliation of General and Administrative
Expenses to Adjusted General and Administrative
Expenses

General and administrative expenses $ 16,329 $ 10,900 $ 30,301 $ 20,323
Share-based compensation   (3,306 )   (2,121 )   (5,571 )   (3,791 )
Adjusted general and administrative expenses $ 13,023   $ 8,779   $ 24,730   $ 16,532  
 

Reconciliation of Loss from Operations to Adjusted
Income from Operations

Loss from operations $ (4,681 ) $ (2,191 ) $ (13,360 ) $ (6,107 )
Share-based compensation 7,046 3,537 12,521 6,261
Amortization of acquired intangible assets   2,231     1,966     4,462     3,932  
Adjusted income from operations $ 4,596   $ 3,312   $ 3,623   $ 4,086  
 
Reconciliation of Net Loss to Adjusted Net Income
Net loss $ (2,800 ) $ (2,065 ) $ (7,969 ) $ (6,182 )
Amortization of acquired intangible assets 2,231 1,966 4,462 3,932
Deferred income tax benefit (1,917 ) (212 ) (5,468 ) (212 )
Share-based compensation   7,046     3,537     12,521     6,261  
Adjusted net income $ 4,560   $ 3,226   $ 3,546   $ 3,799  
 
           

Three Months Ended
June 30,

Six Months Ended
June 30,

2014   2013 2014   2013

Reconciliation of Diluted Shares to Adjusted Diluted
Shares

Diluted shares 92,471 87,533 92,189 87,089
Dilutive securities excluded due to net loss available for
distribution
  5,471     7,341     6,318     7,633  
Adjusted diluted shares   97,942     94,874     98,507     94,722  
 

Reconciliation of Net Loss per Diluted Share to
Adjusted Net Income per Diluted Share

Net loss per diluted share $ (0.03 ) $ (0.02 ) $ (0.09 ) $ (0.07 )
Adjustments to net loss 0.08 0.06 0.13 0.12
Adjustments to diluted shares   -     ( 0.01 )   -     (0.01 )
Adjusted net income per diluted share $ 0.05   $ 0.03   $ 0.04   $ 0.04  
 
Reconciliation of Net Loss to Adjusted EBITDA
Net loss $ (2,800 ) $ (2,065 ) $ (7,969 ) $ (6,182 )
Depreciation and amortization 4,304 3,289 8,165 6,360
Interest expense 88 79 175 146
Interest income (56 ) (26 ) (116 ) (46 )
Other expense 6 - 17 4
Income tax benefit (1,919 ) (179 ) (5,467 ) (29 )
Share-based compensation   7,046     3,537     12,521     6,261  
Adjusted EBITDA $ 6,669   $ 4,635   $ 7,326   $ 6,514  
 

Reconciliation of Net Cash Provided by Operating
Activities to Free Cash Flow

Net cash provided by operating activities $ 27,697 $ 20,791 $ 46,013 $ 33,586
Acquisitions of property and equipment   (3,735 )   (2,367 )   (7,662 )   (3,652 )
Free cash flow $ 23,962   $ 18,424   $ 38,351   $ 29,934  
 

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